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portion of the realty was known as the "Ginter Property" and the
other as the "Gomes Property".
Petitioner initially continued Fudosan's lead and sought to
develop the realty. An architect was retained to prepare
development plans that were submitted to the local county
planning commission responsible for land development. Petitioner
proposed that the Ginter property, which was zoned for single-
family residences, be subdivided into 7,500- and 15,000-square-
foot residential lots with houses. Subsequently, petitioner
commissioned a feasibility study concerning development of a 9-
or 18-hole golf course in proximity with the Ginter subdivision.
Petitioner sought to develop the Gomes property into
approximately 300 subdivided residential units and a botanical
garden.
Prior to the taxable years before the Court, petitioner
encountered significant impediments that ultimately proved fatal
to its development plans. On several occasions, the County of
Hawaii proposed the construction of a major highway through the
Ginter property, which would have provided the necessary access
for development. The proposed highway was never constructed.
Also, the Gomes property was located in a flood plain, and
substantial drainage work would have been required prior to
further development. Petitioner determined that the cost
(several millions of dollars) to improve the Ginter and Gomes
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Last modified: May 25, 2011